Business Summary: interim 2022/23

Taken from the Interim Report: 28 weeks ended 13th August 2022.

The Society’s gross takings for the period under review reflects a year on year growth of 8.1%. It should be noted, however, that the last ‘normal’ trading year is now three years behind us.

Food: Gross takings of core products have decreased by 3.4% against a volume decline of 8.9%.

Department Stores: Gross takings have increased by 87.8%, however it should be noted that the stores were closed for 10 weeks within the same period last year due to national lockdowns.

Travel: Gross takings have increased by 1,392% following years of disruption caused by COVID. Gross takings are still almost 50% lower than pre-pandemic levels.

Funerals: Gross takings have increased by 10.2% ‘year on year’, helped in part by a new branch in Basildon.

Prospects: There have been many challenges in the first half of the year, including changes to shopping habits coming out of the pandemic, a cost of living crisis, increased wage and fuel pressures, soaring energy costs, and price increases in food brought about by the war in Ukraine. These challenges will continue into the second part of the year, and potentially cost pressures will escalate. Chelmsford Star Co-op is not alone in these challenges, however that does not make addressing and resolving them any easier.

Full report below.